International Credit Union Day Oct. 20, 20222 | The Daily News | Credit Union Day | October 2022 For 85 years, AMOCO Federal Credit Union has taken pride in embodying the fundamental philosophy of People Helping People, which all credit unions are founded on. We are committed to our mission–“to serve the financial needs of our members”–and making a difference in our communities. That’s why... Our members and the communities we serve are at the heart of everything we do. Join the 98,000+ members Subject to membership eligibility. Federally insured by NCUA. NMLS ID: 408167 Online, Video Banking, or at a branch near you! 3 Convenient Ways to Join: 800.231.6053 | AMOCOfcu.org who benefit from having affordable loan rates, competitive term share certificate rates, little-to-no fees, and exceptional service to meet their financial needs and see why AMOCO is the right credit union for you. SCAN MEOctober 2022 | Credit Union Day | The Daily News | 3 800-231-6053 • www.amocofcu.org W hy do hundreds of millions of people worldwide choose credit unions? Because each credit union emphasizes providing ser- vice to its members and communities. When you think community-driven, AMOCO Federal Credit Union is what comes to mind. Whether delivering meals to healthcare professionals and law enforcement, raising awareness and support for local causes or invest- ing in financial education for all ages, AMOCO has dedicated itself to serving the community. Being a credit union means that AMOCO is a not-for-profit financial co- operative owned by its members. For 85 years, AMOCO has been serving Galveston County and, more recently, Brazoria and Harris counties. AMOCO chooses to make a differ- ence by investing in the communities it serves. In doing so, AMOCO builds stronger connections with its members and affinity partners. This Oct. 20, AMOCO will join more than 86,000 credit unions worldwide to celebrate the 74th anniversary of Inter- national Credit Union Day. As part of the celebration, AMOCO will host its annual Member Appreciation Night exclusive for AMOCO members at Main Event in Web- ster for a fun night of bowling, unlimited games and much more. Join the 98,000-plus members who benefit from having affordable loan rates, competitive term share certificate rates, little to no fees and exceptional service to meet their financial needs. Visit an AMOCO branch near you to learn more about how credit unions fuel a force of global good. AMOCO Federal Credit Union builds connections by investing back in the community PAID ADVERTISEMENT 800-252-8311 • www.ufcu.org UFCU: Empowering the Galveston County community for 7 decades PAID ADVERTISEMENT A s a non-profit, Member-owned financial cooperative, Universi- ty Federal Credit Union is com- mitted to helping the Galveston County community thrive. UFCU opened its Medical Branch location in 1953, and for the past 69 years, UFCU has been a proud financial partner to the students, faculty, families and businesses that call Galveston home. UFCU provides all the financial ser- vices you would expect of a leading financial institution but with a philoso- phy you won’t find elsewhere. At UFCU, you are never a number or an account. Instead, you are a Member and an owner of an organization passionate about making a positive impact in your life and across Galveston. CHANGING GALVESTON FOR THE BETTER The credit union imagines a commu- nity where people have the opportunity to earn a degree, advance their career or afford a home of their own; a communi- ty where everyone is better off because financial health is within reach. Because education is key to the health of the communities, UFCU works to provide ongoing seminars and events that are designed to help you at every stage of your financial journey. UFCU’s financial education centers around four pillars the organization believes are key to financial health: financial health education to help you be a wise consumer, save for the future, manage your debt and plan for retirement. To bring its vision to life, UFCU partners with others who share the commitment to education, jobs and housing. The credit union works along- side community partners to improve the lives of all who live in the communities it serves. UFCU’s community and business partnerships advance opportunities for Members and neighbors to earn degrees and certificates, build promising careers and afford homes of their own. GROWING WITH GALVESTON From its roots in Galveston nearly sev- en decades ago, UFCU has grown from $100,000 in assets and 1,000 Members to more than $4.4 billion in total assets un- der management and more than 355,000 Member-owners. In 2016, UFCU opened the Victory Lakes Interactive Financial Center in League City, a project UFCU initiated in 2014 as part of a long-term vision. The Victory Lakes branch offers Members 24/7 drive-thru and walk-up ATMs, and lobby services Monday through Saturday. In addition to online kiosk services and a coin machine, Members can access the personal expertise of a UFCU mortgage loan officer and a CFS Financial Advisor. In addition, the UFCU Galveston Branch is conveniently located adjacent to the UTMB campus, making for easy ac- cess for students and staff. Here, Members can take care of virtually all their finan- cial needs through lobby, drive-thru and online services. Whether someone needs to make a deposit, pay bills, meet with a financial advisor or apply for a mortgage with UFCU’s award-winning mortgage lending team, the Galveston Branch stands ready to help. HELPING YOU ACHIEVE YOUR DREAMS Whether in person, on the phone or through online channels, UFCU works with Members to ensure they have the tools and guidance they need to achieve their dreams. Everyone is better off when financial health is within reach because when more of us do well, we all do better.4 | The Daily News | Credit Union Day | October 2022 I n the 1850s, hard times hit Germany, and peo- ple turned to each other for help. They removed small savings from under mattresses and made reasonably priced loans to one another. These early credit unions were the model for all the credit unions that followed: not-for-profit, democratically controlled and community oriented. In the 1920s, Edward Filene took cooperative finance to the next level in Boston, as a means of lifting working people out of debt and creating a better life. On Jan. 17, 1927, the Credit Union League of Massachusetts celebrated the first official credit union holiday. Jan. 17 is the birthday of Benjamin Franklin, America’s “Apostle of Thrift,” who credit union founders believed to symbolize the purpose and spirit of credit unions. During this time, the credit union movement was new and spreading. People involved only began to recognize the celebration’s significance and were unable to devote the time required for sufficient planning. Credit Union Day quietly faded away. The U.S. Credit Union National Association (CUNA) and CUNA Mutual Insurance Society initiated a new National Credit Union Day celebration in 1948. The third Thursday of October was set aside as the national day of observance. This occasion brought members together to promote the credit union philosophy nationally and reflect upon credit union achievements and history. Members raised funds for the movement and paid homage to loyal supporters and pioneers. The World Council of Credit Unions, established in 1971, assists credit union movements and supports their development around the world. World Council observed the first International Credit Union (ICU) Day more than 30 years ago, and continues to endorse global celebrations. The credit union movement has grown to more than 217 million members in 105 countries worldwide. World Council of Credit Unions USEFUL LINKS Credit union ATM & branch locators • www.asmarterchoice.org • culookup.com Credit union agencies • www.ncua.gov • www.cud.texas.gov Credit union trade associations • www.cuna.org • www.nafcu.org • www.cornerstoneleague.coop The history of International Credit Union Day THE NEWS YOU WANT DELIVERED TO YOUR INBOX GALVNEWS.COM/NEWSLETTERSOctober 2022 | Credit Union Day | The Daily News | 5 O n Thursday, Oct. 20, credit unions in the community and worldwide will come together to celebrate International Credit Union Day, an annual event to commemorate the credit union movement’s impact and achievements. This year marks the 74th anniversary, and its theme, “Empower Your Financial Future with a Credit Union,” looks toward empow- ering members and the community to build a better financial future with a credit union. Credit unions are unique because they are not-for-profit, democratically controlled, member-owned cooperatives. Credit unions pool their members’ assets to provide low-cost loans and other financial services in the best interest of the members, not to earn shareholder profits. Credit unions provide an effective and viable alternative to for-profit financial institutions for more than 375 million members in 118 countries worldwide. More than 86,000 credit unions exist globally, providing a plethora of financial services for their members, recognized as a force for positive economic and social change. Credit unions play a vital role in the economic development and stability of the communities they serve, helping people improve their lives through access to affordable financial services and making the world a better place to live. There are still 1.4 billion people across the globe who are unbanked. Credit unions truly have the perfect business model to empower their financial future and that is a message credit unions hope the entire global movement will celebrate and promote on Oct. 20. Stellar member service and democratic control are just some of the many benefits of being a credit union or cooperative member. That’s as true of credit unions here in Galveston County as it is in other cooperatively owned financial institutions from Afghanistan to Zimbabwe. Cooperatives and credit unions are founded on community service, a principle that has set them apart for more than 150 years. International Credit Union Day is recognized by the World Council of Credit Unions, the global trade association and development platform for credit unions and other financial cooperatives, as well as numerous national credit union trade associations and federations around the world. Join the movement CREDIT UNIONS 101 What is a credit union? A credit union is a not-for-profit financial cooperative, comprised of the people who use its ser- vices, who the organizations refer to as members. Credit unions provide the same services you would find at a bank but with lower fees, better rates and more savings. What’s the difference between a credit union and a bank? There is no difference in a credit union and a bank in terms of the accounts, loans and services you use to manage your finances. The difference is in the day-to-day operation of the two organizations. CREDIT UNIONSBANKS Non-for-profitFor Profit Member-ownedOwned by shareholders Philosophy – People helping peoplePhilosophy – Making a profit for shareholders Not for profit A credit union is a not-for-profit financial cooperative — which means that credit unions aren’t in the business of making money at your expense. Instead, credit unions return profits to members, once expenses are met, in the form of lower rates and fees. That is why most credit union web pages are .org sites. Ownership If you’ve been banking with a credit union, you’ve probably heard the term ‘member-owned’ thrown around. So what does it mean, anyway? It means that each member of the credit union is a part owner of the cooperative. Regardless of how much money a member has on deposit, each member has an equal vote and equal ownership. People helping people This is the credit union philosophy. That’s why profits are returned to you by making it less expensive for you with fewer fees. Credit unions are dedicated to working for its members and the communities it serves. That’s why credit unions give back to the community in a form of volunteering and service projects. Can anyone join a credit union? There is a credit union out there for you. There are credit unions that are only open to employees of a certain corporation (for example, Motorola has a credit union that is only available to its employees and their families). However, virtually every community has a credit union that anyone can join. Who owns a credit union? Unlike banks, credit unions are not-for-profit and are owned by its members. Each member owns a share in the credit union and even has a vote as to who will serve on the board of directors. Are credit unions FDIC insured? No, however, they are insured by the National Credit Union Administration. The NCUA is an agency of the federal government and protects accounts up to $250,000 — which is the same protection you get from the FDIC at a bank.6 | The Daily News | Credit Union Day | October 2022 INTERNATIONAL CREDIT UNION DAY ® 2022 C ouples should not overlook the importance of tending to their financial futures. One of the first steps is merging and managing bank accounts. Merging bank accounts can be a good idea for newlyweds for various reasons. • Improved efficiency: Having one account makes it easier to track income and spending and can make keeping track of money less complicated. Also, having only one bank means cutting down on statements or correspondence from multiple institutions. • Greater communication: Some people are natural spenders and others savers. A joint account makes it easy to talk about spending habits and the flow of money in and out of an account. • Creates accountability: Not being able to hide debt or large expenditures or withdrawals makes couples account- able to each other. This creates trans- parency in a relationship and may help couples become closer as a result. • Good in emergencies: Having a joint bank account can ensure that a surviving spouse has uninterrupted access to funds in the event his or her partner dies. • Get better banking: Certain finan- cial institutions may offer perks like no fees if customers maintain a specific balance or meet the criteria of debit card usage per month. Such require- ments may be more easily reached with two people utilizing the account. • Combine with ease: It’s particu- larly easy to merge when individuals already were using the same bank or credit union, according to financial expert Dave Ramsay. Simply showing up with identification and transferring the balance of one account into the other and adding a signer is all that’s needed. In instances where couples use different banks, select a convenient institution and open up a new account together after closing the individual ones. — Metro Creative Connection The benefits of joint bank accounts • Avoid keeping a password too long. It’s understandable if users have had the same passwords for months, if not years. Life in a digital world requires usernames and passwords for just about everything, but it’s vital that banking passwords are rou- tinely changed. Changing passwords once per month improves security, especially if passwords include a combination of letters, numbers and symbols. When changing passwords, resist the temptation to use a password you’re already using for another account. • Use only your own network when banking online or via your mobile devices. Public Wi-Fi may be convenient, but users have no idea who else might be making use of that convenience. Various cybersecurity experts indicate that public Wi-Fi is especially vulnerable to man-in-the-middle attacks, a type of security breach in which a third party intercepts communications between two un- suspecting parties, such as an online/mobile banking user and his or her bank. To reduce your risk of being victimized by an attack, avoid using any website or app, including banking platforms, that require a login on public Wi-Fi. • Install system updates. Users may find system update prompts always seem to come at the most inconvenient times. As a result, it’s tempting to click the “Install Later” button and completely forget about it. But the longer users wait to install updates on their devices, including their smartphones, the more vulnerable to attacks they become. When prompted, install system updates im- mediately. Such updates typically only take a few minutes and often include new security features designed to protect users and their information, including any financial informa- tion they might have on their devices. — Metro Creative Connection How to be more secure with online bankingOctober 2022 | Credit Union Day | The Daily News | 7 AMOCO FEDERAL CREDIT UNION YEAR CHARTERED: 1937 HEADQUARTERS: Texas City BRANCHES: 11 PRESIDENT/CEO: Shawn Bailey WEBSITE: www.AMOCOfcu.org ASSOCIATED CREDIT UNION OF TEXAS YEAR CHARTERED: 1968 HEADQUARTERS: League City BRANCHES: 12 PRESIDENT/CEO: Clay Franks WEBSITE: www.acutx.org BEACON FEDERAL CREDIT UNION YEAR CHARTERED: 1949 HEADQUARTERS: La Porte BRANCHES: 6 PRESIDENT/CEO: Dustin Cuttriss WEBSITE: www.beaconfed.org BRAZOS COMMUNITY CREDIT UNION YEAR CHARTERED: 1970 HEADQUARTERS: Alvin BRANCHES: 1 PRESIDENT/CEO: Wesley Shaw WEBSITE: www.brazosccu.org CHOCOLATE BAYOU COMMUNITY FEDERAL CREDIT UNION YEAR CHARTERED: 1962 HEADQUARTERS: Alvin BRANCHES: 4 PRESIDENT/CEO: Gary Davis WEBSITE: www.cbcfcu.coop COASTAL COMMUNITY FEDERAL CREDIT UNION YEAR CHARTERED: 1957 HEADQUARTERS: Galveston BRANCHES: 4 PRESIDENT/CEO: Kay Carmon WEBSITE: www.coastalcommunityfcu.org GALVESTON GOVERNMENT EMPLOYEES CREDIT UNION YEAR CHARTERED: 1933 HEADQUARTERS: La Marque BRANCHES: 1 PRESIDENT/CEO: Rachel J. Jones WEBSITE: www.ggecu.com GULF COAST EDUCATORS FEDERAL CREDIT UNION YEAR CHARTERED: 1948 HEADQUARTERS: Pasadena BRANCHES: 9 PRESIDENT/CEO: Linda Lukaszewski WEBSITE: www.gcefcu.org GULF SHORE FEDERAL CREDIT UNION YEAR CHARTERED: 1937 HEADQUARTERS: Texas City BRANCHES: 1 PRESIDENT/CEO: Susan M. Herring WEBSITE: www.gulfshorefcu.org WELLBY FINANCIAL YEAR CHARTERED: 1961 HEADQUARTERS: Clear Lake BRANCHES: 20 PRESIDENT/CEO: Martyn Pell WEBSITE: www.wellbyfinancial.com MARATHON REPUBLIC FEDERAL CREDIT UNION YEAR CHARTERED: 1938 HEADQUARTERS: Texas City BRANCHES: 1 PRESIDENT/CEO: Judy Boles WEBSITE: www.marathonrepublicfcu.com SYNERGY FEDERAL CREDIT UNION YEAR CHARTERED: 1980 HEADQUARTERS: San Antonio BRANCHES: 7 PRESIDENT/CEO: Sean Murphy WEBSITE: www.synergyfcu.org TC TEACHERS FEDERAL CREDIT UNION YEAR CHARTERED: 1953 HEADQUARTERS: Texas City BRANCHES: 1 PRESIDENT/CEO: Brad Calhoun WEBSITE: www.tcteachersfcu.org TEXAS BAY AREA CREDIT UNION YEAR CHARTERED: 1936 HEADQUARTERS: Houston BRANCHES: 9 PRSIDENT/CEO: Jesse Gutierrez WEBSITE: www.texasbaycu.org TEXAS DOW EMPLOYEES CREDIT UNION YEAR CHARTERED: 1954 HEADQUARTERS: Lake Jackson BRANCHES: 34 PRESIDENT/CEO: Isaac Johnson WEBSITE: www.tdecu.org UNIVERSITY FEDERAL CREDIT UNION YEAR CHARTERED: 1936 HEADQUARTERS: Austin BRANCHES: 23 PRESIDENT/CEO: Tony C. Budet W EBSITE: www.ufcu.org Find credit unions in your area Credit Union Week October 16-22 Your local area credit unions invite you to celebrate Interna- tional Credit Union Week. Join the celebration by taking part in one or more of the many events scheduled at your local credit union. For a list of upcoming events, visit the your local credit union’s website. Access to quality education Learn more about our community impact Affordable housing Opportunities for employment Celebrate International Credit Union Day 8 | The Daily News | Credit Union Day | October 2022Next >